Press Release

SiTime Reports Fourth Quarter and Fiscal Year 2020 Financial Results

SANTA CLARA, Calif., Feb. 03, 2021 (GLOBE NEWSWIRE) -- SiTime Corporation, (Nasdaq: SITM), a leader in MEMS timing, today announced financial results for the fourth quarter and fiscal year ended December 31, 2020.

Net revenue in the fourth quarter of 2020 was $40.3 million, a 43.4% increase from the $28.1 million in the fourth quarter of 2019.

Net revenue for the year ended December 31, 2020 was $116.2 million, a 38.2% increase from the $84.1 million in the year ended December 31, 2019.

Generally Accepted Accounting Principles (GAAP) Results

In the fourth quarter of 2020, gross margins were $21.1 million, or 52.3% of revenue, operating expenses were $19.0 million or 47.2% of revenue, GAAP income from operations was $2.1 million, or 5.1% of revenue and net income was $2.0 million, or $0.10 per diluted share.

For the year ended 2020, gross margins were $57.9 million, or 49.9% of revenue, operating expenses were $66.5 million or 57.3% of revenue, GAAP loss from operations was $8.6 million, or 7.4% of revenue and net loss was $9.4 million, or $0.58 per diluted share.   

Total cash and cash equivalents were $73.5 million on December 31, 2020.

Non-GAAP Results

This press release and its attachments include certain non-GAAP supplemental performance measures. The presentation of this financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

SiTime believes that the presentation of non-GAAP financial measures provides important supplemental information to management and investors regarding financial and business trends relating to SiTime’s financial condition and results of operations. SiTime believes that these non-GAAP financial measures provide additional insight into SiTime’s ongoing performance and core operational activities and has chosen to provide these measures for more consistent and meaningful comparison between periods. These measures should only be used to evaluate SiTime’s results of operations in conjunction with the corresponding GAAP measures. The non-GAAP results exclude the effect of stock-based compensation and related payroll taxes.

The reconciliation between GAAP and non-GAAP financial results is provided in the financial statements portion of this release.

In the fourth quarter of 2020, non-GAAP gross margins were $21.6 million, or 53.5% of revenue, non-GAAP operating expenses were $13.2 million, or 32.7% of revenue, non-GAAP income from operations was $8.4 million, or 20.8% of revenue and non-GAAP net income was $8.3 million, or $0.43 per diluted share.

For the fiscal year 2020, non-GAAP gross margins were $58.7 million, or 50.5% of revenue, non-GAAP operating expenses were $49.6 million, or 42.7% of revenue, non-GAAP income from operations was $9.1 million, or 7.9% of revenue and non-GAAP net income was $8.4 million, or $0.46 per diluted share.

Conference Call

SiTime will broadcast its fourth quarter and fiscal year 2020 financial results conference call today, February 3, 2021, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time), which can be accessed by calling +1-844-467-7657 and using conference ID 3193344. The conference call will also be available via a live webcast on the investor relations section of the SiTime website at https://investor.sitime.com. Please access the website at least a few minutes prior to the start of the call to download and install any necessary audio software. An archived webcast replay of the call will be available on the website for a limited period of time.

About SiTime

SiTime Corporation is a market leader in silicon MEMS timing. Our programmable solutions offer a rich feature set that enables customers to differentiate their products with higher performance, smaller size, lower power, and better reliability. With over 2 billion devices shipped, SiTime is changing the timing industry. For more information, visit https://www.sitime.com/.

SiTime Corporation 
Unaudited GAAP Condensed Consolidated Statement of Operations 
        
 Three Months Ended  Year Ended 
      
 December 31, 2020 
 (in thousands, except per share data) 
Revenue$40,274  $116,156 
Cost of revenue 19,203   58,224 
Gross profit 21,071   57,932 
Operating expenses:       
Research and development 8,747   31,652 
Sales, general and administrative 10,250   34,893 
Total operating expenses 18,997   66,545 
Income (loss) from operations 2,074   (8,613)
Interest expense -   (726)
Other expense, net (83)  (32)
Income (loss) before income taxes 1,991   (9,371)
Income tax expense -   (1)
Net income (loss)$1,991  $(9,372)
Net income (loss) attributable to common stockholder and comprehensive income$1,991  $(9,372)
Net income (loss) per share attributable to common stockholder, basic$0.12  $(0.58)
Weighted-average shares used to compute basic net income (loss) per share 17,036   16,064 
Net income (loss) per share attributable to common stockholder, diluted$0.10  $(0.58)
Weighted-average shares used to compute diluted net income (loss) per share 19,263   16,064 


SiTime Corporation 
Unaudited Reconciliation of Non-GAAP Adjustments 
 Three Months Ended  Year Ended 
      
 December 31, 2020 
 (in thousands, except per share data) 
Reconciliation of GAAP gross profit and margin to non-GAAP       
Revenue$40,274  $116,156 
GAAP gross profit 21,071   57,932 
GAAP gross margin 52.3%  49.9%
Stock-based compensation 494   751 
Non-GAAP gross profit$21,565  $58,683 
Non-GAAP gross margin 53.5%  50.5%
        
Reconciliation of GAAP operating expenses to non-GAAP       
GAAP research and development expenses 8,747   31,652 
Stock-based compensation (2,047)  (5,707)
Non-GAAP research and development expenses$6,700  $25,945 
        
GAAP sales, general and administrative expenses 10,250   34,893 
Stock-based compensation (3,761)  (11,280)
Non-GAAP sales, general and administrative expenses$6,489  $23,613 
Total Non-GAAP operating expenses$13,189  $49,558 
        
Reconciliation of GAAP income (loss) from operations to non-GAAP income from operations       
GAAP income (loss) from operations$2,074  $(8,613)
Stock-based compensation 6,302   17,738 
Non-GAAP income from operations$8,376  $9,125 
Non-GAAP income from operations as a percentage of revenue 20.8%  7.9%
        
Reconciliation of GAAP net income (loss) to non-GAAP net income (loss)       
GAAP net income (loss)$1,991  $(9,372)
Stock-based compensation 6,302   17,738 
Non-GAAP net income$8,293  $8,366 
Weighted-average shares used to compute diluted net income (loss) per share 19,263   18,159 
        
GAAP net income (loss) per share diluted$0.10  $(0.58)
Non-GAAP adjustments detailed above 0.33   1.04 
Non-GAAP net income per share diluted$0.43  $0.46 
        


SiTime Corporation 
Unaudited GAAP Condensed Consolidated Balance Sheet 
 As of 
 December 31, 2020 
 (in thousands, except share and per share data) 
Assets:   
Current assets:   
Cash and cash equivalents$73,525 
Accounts receivable, net 23,920 
Related party accounts receivable 736 
Inventories 12,350 
Prepaid expenses and other current assets 2,649 
Total current assets 113,180 
Property and equipment, net 11,708 
Intangible assets, net 2,069 
Right-of-use assets, net 8,892 
Other assets 162 
Total assets$136,011 
Liabilities and Stockholders' Equity:   
Current liabilities:   
Accounts payable$6,182 
Accrued expenses and other current liabilities 12,963 
Total current liabilities 19,145 
Lease liabilities 6,986 
Total liabilities 26,131 
Commitments and contingencies   
Stockholders’ equity:   
Common stock 2 
Additional paid-in capital 173,274 
Accumulated deficit (63,396)
Total stockholders’ equity 109,880 
Total liabilities and stockholders’ equity$136,011 

Investor Relations Contacts:

Shelton Group
Leanne Sievers | Brett Perry
949-224-3874 | 214-272-0070
sheltonir@sheltongroup.com

SiTime Corporation
Art Chadwick
Chief Financial Officer
investor.relations@sitime.com

Media Contact

pr@sitime.com
gottseidank